Matter inks MoU with Gujarat govt., invest Rs. 1,500 crore in EV, energy storage
Ahmedabad-based electric mobility and energy storage solutions start-up Matter has announced that it is planning to roll out its first electric two-wheeler in the first half of 2022.
"Looking at the present and growing demand in electric mobility as well as energy storage, Matter has decided to ramp up its manufacturing footprint from 60000 vehicles per annum in the first phase to 200,000 in phase two. We have just finished setting up a 200 MW plant for battery and will be going into production in January 2022. Likewise, we are looking at rolling out our first electric motorcycle by the first half of 2022," Mohal Rajiv Lalbhai, founder and CEO of Matter stated.
As part of its production and roll-out plans, the company has signed a memorandum of understanding (MoU) with the government of Gujarat for investment commitments worth Rs 1500 crore. To be made over five years, the investment commitment in next-generation electric mobility and energy storage solutions involves employment for over 4000 in the said period.
Expounding on the investment, Lalbhai said that of the Rs 1500 crore, Rs 1200 will be invested in electric mobility and Rs 300 crore will be invested in energy storage.
With the first phase of 60000 vehicles per annum under development, Matter will spend on building its research and development in core technology as well as infrastructure in and around Ahmedabad. Its division Matter Energy is already in process of developing battery backup applications for home as well as industry, with a roadmap for larger systems by end of 2022.
"In the battery, we are mostly into B2B products which will begin production in January 2022. In terms of non-captive consumption, 70 percent of our energy storage solutions will be in stationary space and 30 percent in non-compete automotive space. There is also a growing demand for three-wheeler battery packs and inverter backup batteries which could be looked at," Lalbhai added.
